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Key Resistance Remains Exposed

  • RES 4: 115.51 High Mar 10, 2017
  • RES 3: 114.99 1.50 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 114.70/73 High Oct 20 / High Nov 6, 2017
  • RES 1: 114.44 High Nov 1
  • PRICE: 113.88 @ 06:31 GMT Nov 15
  • SUP 1: 112.73/54 Low Nov 9 / 50-day EMA
  • SUP 2: 112.08 High Sep 30 and a recent breakout level
  • SUP 3: 111.51 Low Oct 8
  • SUP 4: 110.82/80 Low Oct 4 / High Aug 11

The USDJPY rebound on Nov 11 highlights the potential end of the recent corrective pullback and the candle pattern on this day appears to be a bullish engulfing reversal. If correct, it signals scope for a stronger climb with attention on key resistance at 114.70, Oct 20 high. A break of 114.70 would confirm a resumption of the current primary uptrend. Key short-term support has been defined at 112.73, Nov 9 low.

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